Glencore picks off 15% stake in Optimum Coal Holdings
Global commodities trader Glencore (LON:GLEN) is making inroads into South African coal.
Reuters reports that Glencore has signed a deal to buy energy trader Mercuria's 15 percent stake in South Africa's Optimum Coal Holdings (OCH) in its drive to acquire the whole company worth around $1 billion, sources close to the agreement said.
Completing the Optimum acquisition would make Glencore South Africa's fourth-largest coal exporter, without including Xstrata's tonnage, for which it provides advisory services.
MINING.com reported last month that Glencore will help Ironback Zinc (ASX:IBG) with a US$50 million funding facility to advance Ironback’s Citronen base metals project in Greenland.